IslamQA

Interest money from the bank

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: I have an account in the bank. Yearly I get interest from the bank. Is it legal in Islamic law to earn interest from the bank?

Bismillaah

A: Interest is forbidden and haraam in Islam. There are grave warning sounded in the Ahaadith for the one that has any involvement in interest. You should immediately dispose of the interest money by giving it to the poor without the intention of receiving reward. For further details refer to http://muftionline.co.za/node/2145

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

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